The African Development Bank (ADB) Group has confirmed that it will be opening a country office in Cairo. The decision is in line with the bank's stated policy of bringing the institution closer to regional member countries in order to enhance the impact of its development assistance.

In a statement released by the organization, it was reported that ambassador to the Ivory Coast, Sami Yassa Abd al-Shahid, and ADB President Omar Kabbaj had signed an agreement to set up the office.

Egypt is currently ADB’s second largest regional shareholder with about five percent of total ADB shares. The bank’s operations in Egypt started in 1974 and by December 2000 it has committed a total of $1.2 billion to more than 40 projects. It has also financed private sector projects to the tune of $121 million. — (Albawaba-MEBG)